Serious Debt Bubble in Sg: Huge Spike in New Car Loans & Quantum

[AsiaDK]

In a press release on Monday (Feb 6), Singapore's commercial credit bureau said data from its member banks for both new and second-hand vehicles showed that motorists borrowed an average of S$65,868 to finance their car purchases in December last year - a 22.5 per cent increase from S$53,777 in May. For the whole of 2016, motorists also took up 76,942 new motor vehicle loans, 25.6 per cent more than the previous year. http://www.channelnewsasia.com/news...oans-after-mas-eased-rules-study/3495534.html

In addition to the above article, it is also street knowledge that car leasing companies are enjoying roaring sales.

 

[OrLanChowHorFun]

maybe most wanna be Uber drivers leh.................anyway, Sinkies just love to be slaves to PAP and banks.........

 

[frenchbriefs]

borrrowing and borrowing just to stay above water,sinkies are like the human version of hyflux.

 

[AsiaDK]

Lenders write off 10,533 bad car loans http://www.straitstimes.com/singapore/transport/lenders-write-off-10533-bad-car-loans
Last year's bad loans translate to 4.31 per cent of 244,488 car loan holders as at Dec 31 last year. The previous figure was 4.28 per cent of loan holders as at Dec 31, 2015.




The figure is higher if you consider the chaos in car leasing business.

 

[AsiaDK]

PIDK shared that Lion City Leasing sees an increase in Uber drivers giving up on their vehicles after CNY. Any Uber drivers here can share if it is really tougher to make a living from Uber now? or these drivers are switching to GRAB?

 

[mojito]

Spike means more people buying more expensive cars. Another golden age is upon us!